Can I lease a USED car for 12 months ?

Brenster

All

I need to lease a reliable car for 12 months, ideally it would be 5 years old to keep the cost down.

The reason for this is, I am paying my Debt of which is around £5k, and i do not want any further debt until i have cleared this !
My existing banger MOT runs out in May, as does the insurance and Tax.

I predict the MOT will fail as their are a couple of items which obviously need doing, and a conservative estimate to get it through would be £200 + MOT £50.

Insurance would cost aprox £700 (more than the car is worth !)

And Tax about £80 for 6 months.

So I think the best option for the car is to be to scrap it. However i dont want to outlay a couple of grand on a new one and get myself further into debt.

Hence the reason for wanting to lease.

Can anyone advise if they know of any companies that provide this lease option? there doesnt seem to be many around for used car leasing.

Thanks in advance

blacksta

http://www.swap-a-lease.co.uk/

Brenster

Thanks Blacksta, not really the answer though, as the cars are generally for longer than 12 months, and the cars are brand new (or within the brand new initial lease period).

I was hoping someone would know of a website where people want to lease their cars for a year (for example due to travelling, or company car, or change of jobs etc).

blacksta

There are some 12 months deals on the site. The other option could be renting a car form avis or similar when ever you need it. I guess it will be a case of planning far ahead.

Brenster

Yeah i considered that but it is both expensive and inconvenient !
I think i may have spotted a niche market !

avantra

They do have programs like this in the US, for many reasons I doubt that this will work here.

http://www.rentawreck.com/

Kilty_2

Running costs and low used car values mean it couldn't possibly be viable here.

Just fix your banger.

s_b

i think you are asking too much because it would seem you want everything but with basically no cost

no offence by the way

Brenster

Thanks for your replies, i take your points, fixing the banger may well be the option, its just once it gets beyond £200 to fix, it really isnt worth it !

No offence taken, any advise welcome !

l0u1se

not sure if people do this, but local ad's, gumtree etc, have you checked anything there? not much help I know

Brenster

All I am trying to say is, take this for an example;
I had a lease car for 4 years;
Repayments £275 aprx per month / £3300 per year / £13,200 for the full term.
Car was worth £16,000 brand new
Car was worth at least £7k at end of lease.
So why dont companies look at a secondary lease option from years 4 - 6 (when the car should still be reasonable reliable) for a reduced rental of say £150 per month / £1800 per year / £3600 for the 2 year term.
Based on the above, at the end of the 6 years, the car would have recouped £16,800 in rental (more than the worth of the car) and should still have a sell on value of aprox £4-5k.
I think it is a no brainer, and there is definately a market for this secondary rental period for cars between 4 - 6 years.